(20 second reading) The National Company Law Tribunal (NCLT) has declared a board resolution authorizing the retirement of Virendra R Gandhi from the Board of Vadilal Industries (VIL) and Vadilal Enterprises (VEL) as “null and void”, in an order dated July 10.

According to the order, the three families led by Virendra R Gandhi, Rajesh R Gandhi and Devanshu L Gandhi will be entitled to use the trademark of ‘Vadilal’ registered in the name of VIPL till the companies are divided as directed; and all the family businesses be divided among the three families after appointing a Court Commissioner. If any any one of the three families wants to purchase the shares held by the other families, that will be allowed, if mutually agreed to.